Statement
What Is a Statement?
A statement is a periodic record that summarizes activity in a financial account over a specific period. Bank or credit union statements typically show deposits, withdrawals, transfers, fees, and the account balance.
Statements may be delivered electronically or as printed documents.
Why It Matters
Account statements help individuals track their financial activity, monitor spending, and verify that transactions are accurate. Reviewing statements regularly helps detect unauthorized transactions or errors.
Statements also serve as financial records that may be needed for budgeting, taxes, or financial planning.
How Statements Work
Financial institutions generate statements at regular intervals, usually monthly.
A typical statement includes:
- beginning account balance
- list of transactions during the period
- fees or charges applied
- ending account balance
Statements can be accessed through online banking platforms or mailed to account holders.
Statement vs Transaction History
- A statement summarizes account activity over a specific time period.
- Transaction history shows a detailed list of transactions, often in real time.
FAQs About Statements
How often are account statements issued?
Most financial institutions issue statements monthly.
Can statements be delivered electronically?
Yes, many banks offer electronic statements through online banking.
Why should statements be reviewed regularly?
Regular review helps detect fraud, errors, or unauthorized charges.
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